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The permitted share of the Chinese yuan in the Russian wealth fund has doubled to 60% – Finance Minister, by Reuters

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© Reuters. FILE PHOTO: Banknotes of the Chinese Yuan and Russian Ruble are seen amidst the flags of China and Russia in this illustration photo taken Sept. 15, 2022. REUTERS/Florence Lu/Illustration

MOSCOW (Reuters) – Russia’s Finance Ministry said on Friday that the maximum possible stake in the National Wealth Fund has doubled to 60 percent as it restructures its rainy day fund to reduce so-called “unfriendly” currency dependence. Countries.

The ministry said the permitted share of gold in the NWF would be doubled to 40%. She said that the balances of the pound sterling and the Japanese yen had been reduced to zero.

Russia is using the National Water Fund, which reached $186.5 billion on Dec. 1, to finance its widening budget deficit this year.

“The Russian Ministry of Finance continues its continuous reduction of the share of currencies of ‘unfriendly’ countries in the asset structure of the National Wealth Fund,” the ministry said in a statement.

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Russia regards any country it has sanctioned for its actions in Ukraine as “unfriendly” and has responded with countermeasures.

After the West banned Russia’s central bank from dealing in US dollars, euros and the pound sterling, and froze about half – or $300 billion – of its international reserves, Moscow hastened a campaign to convert its large reserves into more accessible currencies.

Finance Minister Anton Siluanov said this trend will continue next year when Russia can resume transactions under the budget law – a scheme in which some profits from oil and gas sales are saved in foreign currency.

“In order to hedge exchange rate risks, we have always (renewed NWF) in foreign currency,” Siluanov said earlier this week.

“Among the currencies of ‘friendly’ countries, the yuan has the characteristics of a reserve currency to the fullest extent, in addition to sufficient liquidity in our domestic foreign exchange market,” he added.

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The Moscow Stock Exchange, Russia’s largest exchange, said trading volumes in yuan and the ruble will exceed trading volumes in the dollar and ruble next year as financial ties between Moscow and Beijing continue to intensify.

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Red Flags That Your Spouse Is Hiding Money (And What To Do About It)

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Marriage can be hard enough without one spouse hiding money from the other.

When financial infidelity occurs in the form of “hidden cash,” a marriage or a live-forever relationship can easily be ended.

The truth is About 30% of American couples suffer from financial infidelity. Other evidence shows that more than 75% of couples describe the hidden money situation as negative and common 10% of these scenarios end in divorce.

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US judge orders Norwegian Cruise Line to pay $110m for use of Cuba port By Reuters

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© Reuters. Norwegian American Airlines cruise ship Marina arrives in Havana Bay, Cuba on March 9, 2017. REUTERS/Alexander Meneghini/File/File Photo

Written by Brian Ellsworth

MIAMI (Reuters) – Norwegian Shipping Line (NYSE) has to pay $110 million in compensation for the use of a port confiscated by the Cuban government in 1960, a US judge said Friday, marking a significant milestone for Cuban Americans. Who are seeking reparations for the Cold War era. Assets confiscation.

The decision by US District Judge Beth Bloom in Miami follows her decision in March that use of the Havana Cruise Terminal constituted smuggling of forfeited property belonging to the plaintiff, Delaware-registered Havana Docks Corp.

The decision read: “The judgment is made in favor of Plaintiff Havana Docks Corporation and against Norwegian Cruise Line Holdings, Ltd.”

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“The plaintiff was awarded $109,848,747.87 in damages,” it says, adding that the Norwegian must also pay an additional $3 million in legal fees and costs.

Norwegian Cruise Line did not immediately respond to a request for comment.

Cuban President Miguel Diaz-Canel has sharply criticized the Helms-Burton Act, calling it an extraterritorial violation of international law.

Havana Docks also sued Carnival Cruise Lines (NYSE: ), Royal Caribbean (NYSE:) and MSC under the Helms-Burton Act, which allows US citizens to sue over the use of property seized in Cuba after 1959.

The ruling could fuel more lawsuits by Cuban exiles pursuing claims, worth $2 billion, according to one estimate, over asset seizures under late Cuban leader Fidel Castro.

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It may also serve as a reminder to multinational companies of the complexities that can come with doing business in Cuba.

In 2016, US cruise ships began traveling to Cuba for the first time in decades after a détente negotiated by former President Barack Obama eased some provisions of a Cold War US embargo.

But the Trump administration in 2019 ordered a halt to all such cruises amid efforts to pressure Cuba over its support for Venezuelan President Nicolas Maduro, Washington’s ideological foe.

The Trump administration has also allowed US citizens to sue third parties for using property seized by Cuban authorities, a provision of the Helms-Burton Act that every previous president has waived since the law was passed in 1996.

Havana Docs says Cuba, which has been under a US trade embargo for decades, has never compensated it for taking the drug.

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The four cruise lines sued in 2019 in the US District Court for the Southern District of Florida. Bloom in March held the companies liable for damages under the Helms-Burton Act, also known as the Libertad Act.

According to the US-Cuban Economic and Trade Council, a nonprofit organization that provides information on relations between the two countries, 5,913 validated claims related to property seized in Cuba represent an estimated liability of nearly $2 billion.

Forty-four lawsuits have been filed under Title III of the Helms-Burton Act, the organization says.

“For the current plaintiffs of Cuban descent, (the decision) will give them a moment of relief,” said John Cavulich, the group’s president. “It will give them a moment to say ‘You can run but you can’t hide,’” Cavulich said.

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Is a Royal Caribbean or Carnival beverage package worth it?

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An all-inclusive beverage package that gives you access to beer, wine, liquor, bottled water, soda, specialty coffee, and even shakes/juices may cost more than your cruise fare.

This is especially true right now when many cruise cabins are being sold at discounted prices while the drinks package prices have gone up.

Deciding whether to purchase a drink package is a challenge because you have to estimate whether you will be drinking enough to cover the cost. Or, more importantly, whether you’d spend more if you decided not to purchase a drink package.



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